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Simple English definitions for legal terms
AGI
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A quick definition of AGI:
AGI stands for adjusted gross income. It's the money you make from your job, investments, and other sources, minus some things you can take off, like student loan interest or alimony payments. The government uses your AGI to figure out how much you owe in taxes. It also affects how much you can deduct for things like medical expenses or charitable donations.
A more thorough explanation:
AGI stands for adjusted gross income. It is the income earned by an individual after certain adjustments are made to their gross income. Gross income includes all the money an individual earns, such as wages, dividends, capital gains, business income, and retirement distributions.
Adjustments are made to the gross income to calculate AGI. These adjustments can include student loan interests, alimony payments, or retirement savings. The AGI is calculated by the IRS to determine an individual's income tax liability for the taxable year.
The AGI affects the extent to which medical expenses, nonbusiness casualty and theft losses, charitable contributions, and other items may be deducted.
For example, if an individual earned $50,000 in gross income but had $5,000 in student loan interests and $2,000 in alimony payments, their AGI would be $43,000 ($50,000 - $5,000 - $2,000).
Aggregation of Jurisdictional Amount | agreed statement of facts